Noble Corporation announced Thursday that the ultra-deepwater drillship Noble Tom Madden has been awarded approximately 6.5 years of additional contract term under the Commercial Enabling Agreement (CEA) with ExxonMobil for work offshore Guyana.
The Noble Tom Madden was previously contracted until Mid-February 2024 and the additional term will extend the rig contract to Mid-August 2030.
Noble said the rig day rate will be updated at least twice per year subject to a scale-based discount and performance bonus under the CEA which also provides ExxonMobil the flexibility to transfer awarded term between the Noble Don Taylor, Noble Bob Douglas, Noble Tom Madden, and Noble Sam Croft.
The Sam Croft, which is set to arrive in Guyana by year end, will bring the total number of drillships operating at the Stabroek Block to five.
“We are extremely pleased to further our relationship with ExxonMobil and their partners offshore Guyana,” said Robert W. Eifler, President and Chief Executive Officer of Noble Corporation. “This award demonstrates the capability of the Commercial Enabling Agreement to align the interests of Noble and ExxonMobil while continuing our participation in one of the world’s premier offshore exploration and development opportunities and supports additional investment by Noble in local content.”
The unprecedented oil discoveries to date and multiple exploration targets that remain on Guyana’s prolific Stabroek Block have been driving up the need for more drillships. ExxonMobil also announced on September 30 that it was proceeding with the Payara Development, its third project offshore the South American country.
